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Perth insurance broker permanently banned

A Perth insurance broker has been permanently banned from the financial services industry by the Australian Securities and Investments Commission.

Jeffrey Bailey was a director of Winley Insurance Group from July 2009 to April 2016, and was the responsible manager from February 2010 to May 2016.

ASIC found Bailey failed to lodge audited financial accounts for the 2014 and 2015 financial years on time, and failed to lodge a breach report with ASIC on time.

Bailey was also found to have been a key factor in Winley failing to ensure the financial services covered by its licence were provided efficiently and fairly, complied with licence conditions, and had adequate risk management systems.

He can request the Administrative Appeals Tribunal review ASIC's decision.